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Polycab India: Q2 FY27 Record Revenue Up 53%, Profit Up 43%

Results reported 15 October 2026 | Wires, cables and electricals | Consolidated, unaudited

The Quick Take

Polycab India reported record Q2 FY27 revenue of Rs 9,899 cr, up 53% year on year and 21% quarter on quarter. PAT rose 43% to about Rs 990 cr. EBITDA rose 39% to Rs 1,422.5 cr, but the margin slipped to 14.4% from 15.8%. The stock closed 1.5% lower on the day, and no source gave a reason.

Q2 FY27 snapshot (consolidated, Rs crore)

MetricQ2 FY27Comparison
Revenue9,899+53% YoY; Q1: 8,209.73
EBITDA (margin)1,422.5 (14.4%)+39% YoY; Q1 margin 13.8%
PAT (margin)~990 (10.0%)+43% YoY; Q1: 796.65

Segments

  • Wires and cables: Rs 8,300.5 cr (+47%); EBIT margin 14.2%.
  • FMEG: Rs 993.1 cr (more than double YoY); EBIT margin 10.1%.
  • EPC: Rs 617.1 cr (+53%); EBIT margin 7.2%.

Balance sheet

Net cash Rs 4,520 cr. Finance cost rose to Rs 93.6 cr from Rs 48.4 cr, mostly on letters of credit and bill discounting. Working capital is expected to normalise toward 45 to 50 days.

Guidance

The outlook is unchanged, with no numeric FY27 revenue or profit guidance. Medium term: wires EBITDA margin of 11 to 13%, FMEG EBITDA margin of 8 to 10% by FY2030.

Risks

  • Copper volatility and working capital.
  • Shipping delays and geopolitics affecting exports.
  • Competition from new entrants in wires.
  • A pending NCLT matter, where management expects no material impact.

Setup

Neutral. A record quarter, with margin the item to watch.

This is educational analysis, not personalized investment advice. Do your own research before investing.

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